First Allied to Acquire The Legend Group

First Allied Holdings is to acquire The Legend Group. Based in Palm Beach Gardens, FL, Legend is a provider of investment services and retirement planning solutions. Subject to customary approvals, the transaction is expected to close in the first quarter of 2013.


First Allied Holdings Inc. (First Allied) announced today that it has entered into an agreement to acquire The Legend Group (Legend). Based in Palm Beach Gardens, FL, Legend is a leading provider of unique investment services and innovative retirement planning solutions. Consisting of Legend Equities Corporation, Legend Advisory Corporation and Advisory Services Corporation, The Legend Group of companies will operate as an independent business unit under the First Allied Holdings Inc. umbrella. Subject to customary approvals, the transaction is expected to close in the first quarter of 2013.

Joel Marks, Chairman of First Allied Securities, said, “Legend has an incredible team of experienced financial professionals, a strong brand, and a focused business model that complements First Allied’s existing business. Growing together and sharing best practices will open up new opportunities and will enable us to better serve our advisors and their clients.”

Adam Antoniades, President and CEO of First Allied, said, “Both Legend and First Allied have successfully executed on a strategy focused on premium advisor service and education, in their respective niches, and we are committed to supporting that strategy. The Legend and First Allied families of companies share many qualities—they have similar cultures and values, long histories of innovation in the independent advisor industry, and experienced teams that have worked together for many years.”

Legend’s CEO, Mark Spinello, said, “For decades, we have prided ourselves on providing premium services and support, and we believe this transaction will further enhance our ability to deliver premier solutions to our advisors and their clients. Joining First Allied aligns us with a partner company that shares our independent roots and our business goals.”

Shashi Mehrotra, President and Chief Investment Officer of Legend, added, “Our companies share a common set of values, including teamwork, innovation and integrity; in this respect, First Allied is a natural partner, and we are excited about growing with them.”

The Legend Group will continue to operate under its current brand as a stand-alone, sister company to the existing First Allied entities. The companies will seek to explore synergies within the organization, which will likely translate to an expansion of services and programs offered to advisors and clients. The combined entities will have nearly 1,400 advisors and $28 billion in assets under administration.

Mr. Marks added, “Both Legend and First Allied recognize that the culture, relationships, and business practices at each firm have contributed to each entity’s historical success. Legend and First Allied remain committed to the growth and enhancement of each individual business unit. We look forward to welcoming Legend into the First Allied family.”

About First Allied

First Allied is a full-service, independent broker/dealer with nearly 1,000 financial advisors in 500 branches located throughout the United States. First Allied includes an independent broker/dealer, registered investment adviser, wealth management, insurance services and pension services businesses. Founded in 1994 as a privately held company, First Allied remains committed to its vision of providing independent financial advisors with innovative products, unparalleled education, differentiated financial products, integrated wealth management solutions and comprehensive access to subject matter expertise. First Allied fosters an environment that serves and nurtures advisors who want to increase the productivity, size and profitability of their individual practices. In November 2011, the First Allied management team and Lovell Minnick Partners, a private equity firm focused on investments in the global financial services industry, completed the acquisition of First Allied.

About The Legend Group®

The Legend Group is a unique investment services provider offering quality investment solutions to clients for nearly 50 years. Legend provides a wide variety of products to its clients with premier service and personalized attention. Legend provides investment solutions for retirement, education savings plans, insurance needs, income generation, and professional portfolio management. Legend is headquartered in Palm Beach Gardens, FL, and has additional offices around the country.